Fiscal 2025 Third Quarter Total Revenue
increased 75% quarter-over-quarter to ¥ 123.1 billion
Coincheck Group N.V. (Nasdaq: CNCK) (“Coincheck Group,” the
“Company” or “Group”), a Dutch public limited liability company and
a holding company of Coincheck, Inc. (“Coincheck”), a leading
Japanese crypto exchange company, today reported financial results
for its fiscal 2025 third quarter ended December 31, 2024.
“We are pleased to report our fiscal 2025 third quarter results,
which included strong quarter-over-quarter growth in Total Revenue
of 75% from ¥70.3 billion to ¥ 123.1 billion,” said Gary Simanson,
CEO of Coincheck Group. “These results reflect the successful
closing of our business combination with Thunder Bridge Capital
Partners, IV, Inc. (“Thunder Bridge IV”) on December 10, 2024, and
our ability to build one of the preeminent global crypto and Web3
companies in the world, and well positions us for future growth in
a large and rapidly growing market.”
“We are thrilled to have successfully completed our previously
announced business combination with Thunder Bridge IV and become a
publicly listed company on NASDAQ as of December 11, 2024, which we
believe supports our plans to make strategic acquisitions across
the globe and expand Coincheck within Japan,” said Oki Matsumoto,
Executive Chairperson of Coincheck Group.
Fiscal 2025 Third Quarter Financial Highlights: 1
- Marketplace Trading Volume increased 113% to ¥ 117.4 billion
($749 million) in the third quarter of 2025, compared to ¥55.1
billion ($351 million) in the second quarter of 2025
- Total revenue increased 75% to ¥ 123.1 billion ($785 million)
in the third quarter of 2025, compared to ¥70.3 billion ($448
million) in the second quarter of 2025
- Gross margin2 increased 135% to ¥4.8 billion ($30 million) in
the third quarter of 2025, compared to ¥ 2.0 billion ($13 million)
in the second quarter of 2025
- Selling, general and administrative expenses increased 222% to
¥ 6,430 million ($41 million) in the third quarter of 2025,
compared to ¥1,999 million ($13 million) in the second quarter of
2025
- Transaction Costs increased to ¥17,518 million ($111 million)
for the third quarter of 2025, including the transaction expenses
related to our business combination, which we refer to as our
Listing Expense, of ¥13,174 ($87 million), compared to ¥84 million
($537 thousand) in the second quarter of 2025
- Net Loss was ¥15,445 billion ($98 million) in the third quarter
of 2025, compared to a Net Loss of ¥ 15 million ($0 million) in the
second quarter of 2025
- Adjusted EBITDA3 increased 1,005% to ¥2,762 million ($18
million) in the third quarter of 2025, compared to ¥250 million
($1.6 million) in the second quarter of 2025
- Customer Assets increased 72% to ¥1,095 billion ($6.9 billion)
in the third quarter of 2025, compared to ¥639 billion ($4.0
billion) in the second quarter of 2025
- The number of Verified Accounts increased 4.6% to 2,197,619 in
the third quarter of 2025, compared to 2,100,374 in the second
quarter of 2025
1. References in this announcement to “¥” are to Japanese Yen
and references to “U.S. Dollars” and “$” are to United States
Dollars. Unless otherwise stated, Coincheck Group has translated
U.S. Dollar amounts from Japanese Yen at the exchange rate of
¥157.37 per $1.00, which was the ¥/$ exchange rate reported by the
Federal Reserve Bank of New York as of December 31, 2024.
2. Gross margin is defined as total revenue less cost of
sales.
3. Adjusted EBITDA is a non-IFRS financial measure; see
“Non-IFRS financial measures” for definition and corresponding
reconciliation below.
Fiscal 2025 Third Quarter Strategic and Operational
Highlights:
- Successfully completed the business combination with Thunder
Bridge IV on December 10, 2024 and commenced trading on the Nasdaq
on Dec 11, 2024
- Announced the launch of Coincheck Staking on January 13, 2025,
allowing users to automatically earn Ethereum simply by depositing
ETH with Coincheck
- Announced the acquisition of Next Finance Tech Co, Ltd. on
February 10, 2025, to provide comprehensive staking services for a
range of cryptocurrencies on a global basis
Webcast and Conference Call
Coincheck Group will host a live webcast to discuss the results
today at 5:00 pm ET. The call will be hosted by the following
members of Coincheck Group’s management: Gary Simanson, CEO, Oki
Matusumoto, Executive Chairperson and Jason Sandberg, CFO. The
conference call can be accessed live via webcast from the Company’s
investor relations website at
https://www.coincheckgroup.com/news-events/ir-calendar. A replay
will be available on the investor relations website following the
call. The conference call can also be accessed over the phone by
dialing (877) 407-4018 or (201) 689-8471; the Conference ID is
13751285.
About Coincheck Group N.V.
Headquartered in the Netherlands, Coincheck Group N.V. (NASDAQ:
CNCK) is a public limited liability company and the holding company
for Coincheck, Inc. Coincheck operates one of the largest
multi-cryptocurrency marketplaces and crypto asset exchanges in
Japan and is regulated by the Japan Financial Services Agency.
Coincheck provides Marketplace and Exchange platforms on which
diverse cryptocurrencies, including Bitcoin and Ethereum, are held
and exchanged as well as other retail-focused crypto services.
Forward Looking
Statements
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. Such statements include, but are not limited to, statements
about trading, future financial and operating results, plans,
objectives, expectations and intentions with respect to future
operations, products and services; and other statements identified
by words such as “will likely result,” “are expected to,” “will
continue,” “is anticipated,” “estimated,” “believe,” “intend,”
“plan,” “projection,” “outlook” or words of similar meaning or the
negative thereof. Such forward-looking statements are based upon
the current beliefs and expectations of the Company’s management
and are inherently subject to significant business, economic and
competitive uncertainties and contingencies, many of which are
difficult to predict and generally beyond the Company’s control,
which could cause actual results or events to differ materially
from those presently anticipated; such risks, uncertainties, and
assumptions, include, among others: (i) a delay or failure to
realize the expected benefits from the business combination with
Thunder Bridge IV, (ii) changes in the cryptocurrency and digital
asset markets in which the Company competes, including with respect
to its competitive landscape, technology evolution or regulatory
changes; (iii) changes in domestic and global general economic
conditions, (iv)changes in economic conditions and consumer
sentiment in Japan; (v) the price of crypto assets and volume of
transactions on the Company’s platform; (vi) the development,
utility and usage of crypto assets; (vii) demand for any particular
crypto asset; (viii) cyberattacks and security breaches on the
Company platform; (ix) the Company’s ability to introduce new
products and services, (x) the Company’s ability to execute its
growth strategies, including identifying and executing
acquisitions, and (xi) other risks and uncertainties discussed in
the Company’s filings with the U.S. Securities and Exchange
Commission as such factors may be updated from time to time, which
are or will be accessible on the SEC’s website at www.sec.gov. The
forward-looking statements included in this press release are made
only as of the date of this press release and the Company
undertakes no obligation to publicly update or review any
forward-looking statement, whether as a result of new information,
future developments, or otherwise, except as required by law.
Non-IFRS financial
measures
EBITDA and Adjusted EBITDA
In addition to our results determined in accordance with IFRS,
we present EBITDA and Adjusted EBITDA, non-IFRS measures, because
we believe they are useful in evaluating our operating
performance.
EBITDA as represents net profit (loss) for the period before the
impact of taxes, interest, depreciation, and amortization of
intangible assets, and Adjusted EBITDA represents EBITDA, further
adjusted for transaction expenses that are directly attributable to
the business combination with Thunder Bridge IV. (denoted as
“Reverse recapitalization”), as well as Nasdaq listing
expenses.
We use EBITDA and Adjusted EBITDA to evaluate our ongoing
operations and for internal planning and forecasting purposes and
we believe that EBITDA may be helpful to investors because it
provides consistency and comparability with past financial
performance. However, EBITDA and Adjusted EBITDA are presented for
supplemental informational purposes only, have limitations as an
analytical tool, and should not be considered in isolation or as a
substitute for our financial information presented in accordance
with IFRS.
A reconciliation is provided below for each non-IFRS financial
measure to the most directly comparable financial measure stated in
accordance with IFRS. Investors are encouraged to review the
related IFRS financial measures and the reconciliation of these
non-IFRS financial measures to their most directly comparable IFRS
financial measures, and not to rely on any single financial measure
to evaluate our business.
Please see tables below for reconciliations of our non-IFRS
financial measures.
U.S. Dollar financial
information
For the convenience of the reader, where applicable, Coincheck
Group has translated U.S. Dollar amounts from Japanese Yen at the
exchange rate of ¥157.37 per $1.00, which was the ¥/$ exchange rate
reported by the Federal Reserve Bank of New York as of December 31,
2024.
This information is intended to be reviewed in conjunction with
the Company’s filings with the U.S. Securities and Exchange
Commission.
COINCHECK GROUP N.V. and its
subsidiaries
CONDENSED CONSOLIDATED INTERIM
STATEMENTS OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
(UNAUDITED)
Japanese Yen
United States Dollar*
For the three months
ended
For the three months
ended
(in millions)
2025 2Q
2025 3Q
2025 2Q
2025 3Q
Revenue:
Revenue
¥
70,339
¥
123,084
$
447.0
$
782.1
Other revenue
9
20
0.1
0.1
Total revenue
70,348
123,104
447.0
782.3
-
Expenses:
-
Cost of sales
68,325
118,311
434.2
751.8
Selling, general and administrative
expenses
1,999
6,430
12.7
40.9
Total expenses
70,324
124,741
446.9
792.7
Operating profit (loss)
24
(1,637
)
0.2
(10.4
)
-
-
-
Other income and expenses:
-
-
-
Other income
10
-
0.1
-
Other expenses
2
(34
)
0.0
(0.2
)
Financial income
(14
)
480
(0.1
)
3.1
Listing expense
-
(13,714
)
-
(87.1
)
Financial expenses
(1
)
(4
)
(0.0
)
(0.0
)
Profit (loss) before income taxes
21
(14,909
)
0.1
(94.7
)
Income tax expense
(6
)
(536
)
(0.0
)
(3.4
)
Net profit (loss) for the period
attributable to owners of the Group
¥
15
¥
(15,445
)
$
0.1
$
(98.1
)
COINCHECK GROUP N.V. and its
subsidiaries
CONDENSED CONSOLIDATED INTERIM
STATEMENTS OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
(UNAUDITED)
Japanese Yen
United States Dollar*
For the three months
ended
For the three months
ended
December 31,
December 31,
(in millions)
2023
2024
2024
Revenue:
Revenue
¥
59,007
¥
123,084
$
782.1
Other revenue
109
20
0.1
Total revenue
59,116
123,104
782.3
Expenses:
Cost of sales
56,880
118,311
751.8
Selling, general and administrative
expenses
1,638
6,429
40.9
Total expenses
58,518
124,740
792.7
Operating profit (loss)
598
(1,636
)
(10.4
)
-
Other income and expenses:
-
Other income
8
-
-
Other expenses
(10
)
(30
)
(0.2
)
Financial income
-
476
3.0
Listing expense
-
(13,714
)
(87.1
)
Financial expenses
(6
)
(4
)
(0.0
)
Profit (loss) before income taxes
590
(14,908
)
(94.7
)
Income tax expense
(151
)
(536
)
(3.4
)
Net profit (loss) for the period
attributable to owners of the Group
¥
439
¥
(15,444
)
$
(98.1
)
COINCHECK GROUP N.V. and its
subsidiaries
CONDENSED CONSOLIDATED INTERIM
STATEMENTS OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
(UNAUDITED)
Japanese Yen
United States Dollar*
For the nine months
ended
For the nine months
ended
December 31,
December 31,
(in millions)
2023
2024
2024
Revenue:
Revenue
¥
122,394
¥
268,716
$
1,707.5
Other revenue
255
35
0.2
Total revenue
122,649
268,751
1,707.8
-
Expenses:
-
Cost of sales
117,818
258,818
1,644.6
Selling, general and administrative
expenses
4,730
10,902
69.3
Total expenses
122,548
269,720
1,713.9
Operating profit (loss)
101
(969
)
(6.2
)
-
Other income and expenses:
-
Other income
28
17
0.1
Other expenses
(143
)
(33
)
(0.2
)
Financial income
51
485
3.1
Listing expense
-
(13,714
)
(87.1
)
Financial expenses
(1
)
(28
)
(0.2
)
Profit (loss) before income taxes
36
(14,242
)
(90.5
)
Income tax expense
(21
)
(750
)
(4.8
)
Net profit (loss) for the period
attributable to owners of the Group
¥
15
¥
(14,992
)
$
(95.3
)
COINCHECK GROUP N.V. and its
subsidiaries
CONDENSED CONSOLIDATED INTERIM
STATEMENTS OF FINANCIAL POSITION
(UNAUDITED)
Japanese Yen
United States Dollar*
(in millions)
As of
As of
As of
March 31,
December 31,
December 31,
2024
2024
2024
Assets
Current assets:
Cash and cash equivalents
¥
10,837
¥
12,673
$
80.5
Cash segregated as deposits
59,256
60,648
385.4
Crypto assets held
44,207
55,299
351.4
Safeguard assets
649,211
1,033,997
6,570.5
Customer accounts receivable
719
1,051
6.7
Other financial assets
37
290
1.8
Other current assets
377
585
3.7
Total current assets
764,644
1,164,543
7,400.0
Non-current assets:
Property and equipment
1,973
2,024
12.9
Intangible assets
788
1,083
6.9
Crypto assets held
-
22
Other financial assets
614
437
2.8
Deferred tax assets
353
371
2.4
Other non-current assets
28
1
0.0
Total non-current assets
3,756
3,938
25.0
Total assets
¥
768,400
¥
1,168,481
$
7,425.1
Liabilities and equity
Liabilities:
Current liabilities:
Deposits received
¥
59,276
¥
61,920
$
393.5
Crypto asset borrowings
44,020
54,971
349.3
Safeguard liabilities
649,211
1,033,997
6,570.5
Other financial liabilities
1,206
4,250
27.0
Provisions
120
-
-
Income taxes payable
486
594
3.8
Excise tax payable
-
317
2.0
Promissory note- related party
-
47
0.3
Other current liabilities
360
655
4.2
Total current liabilities
754,679
1,156,751
7,350.5
Non-current liabilities:
-
Other financial liabilities
1,277
995
6.3
Warrant liability
-
1,430
9.1
Provisions
-
340
2.2
Total non-current liabilities
1,277
2,765
17.6
Total liabilities
755,956
1,159,516
7,368.1
Equity:
-
Ordinary Shares
196
211
1.3
Capital surplus
668
12,242
77.8
Treasury Shares
-
(4
)
(0.0
)
Foreign Currency Translation
-
(72
)
(0.5
)
Retained earnings (accumulated
deficit)
11,580
(3,412
)
(21.7
)
Total equity
12,444
8,965
57.0
Total liabilities and equity
¥
768,400
¥
1,168,481
$
7,425.1
COINCHECK GROUP N.V. and
subsidiaries
CONDENSED CONSOLIDATED INTERIM
STATEMENTS OF
CASH FLOWS (UNAUDITED)
Japanese Yen
United States Dollar*
For the nine months
ended
For the nine months
ended
December 31,
December 31,
(in millions)
2023
2024
2024
Cash flows from operating activities:
Profit (loss) before income taxes
¥
36
¥
(14,242
)
$
(90.5
)
Depreciation and amortization
431
474
3.0
Net gain of other financial assets
(non-current assets)
-
(11
)
(0.1
)
Impairment loss of other assets
(non-current assets)
-
13
0.1
Listing expense
-
13,714
87.1
Net (gain)/loss on sale of property and
equipment
14
3
0.0
Net (gain)/loss on disposal of intangible
assets
39
23
0.1
Net gain on sale of crypto assets held
(non-current assets)
(17
)
-
-
Change in fair value of warrant
liability
-
(462
)
(2.9
)
Decrease in cash segregated as
deposits
(1,629
)
(1,392
)
(8.8
)
(Increase) decrease in crypto assets held
(current assets)
(6,991
)
(11,114
)
(70.6
)
Increase in customer accounts
receivable
(140
)
(332
)
(2.1
)
(Increase) decrease in other financial
assets (current assets)
635
(253
)
(1.6
)
Decrease in other current assets
247
(168
)
(1.1
)
Decrease in deposits received
2,406
2,644
16.8
(Increase) decrease in other financial
assets (non-current assets)
-
155
1.0
Increase (decrease) in crypto asset
borrowings
7,064
10,951
69.6
Increase (decrease) in other financial
liabilities
(606
)
236
1.5
Increase (decrease) in other current
liabilities
135
278
1.8
Increase in excise tax payable
-
12
0.1
Other, net
18
53
0.3
Cash provided by operating activities
1,642
582
3.7
Interest income received
3
6
0.0
Interest expense paid
(1
)
(12
)
(0.1
)
Income taxes paid
(1
)
(720
)
(4.6
)
Net cash provided by (used in) operating
activities
1,643
(144
)
(0.9
)
Cash flows from investing activities
-
Purchase of property and equipment
(4
)
(164
)
(1.0
)
Proceeds from sale of property and
equipment
4
-
-
Expenditure on internally generated
intangible assets
(268
)
(393
)
(2.5
)
Proceeds from refund of guarantee
deposits
155
33
0.2
Proceeds from sale of crypto assets held
(non-current)
22
-
-
Purchase of other financial assets
(non-current assets)
(9
)
-
-
Payments on guarantee deposits
(192
)
-
-
Net cash used in investing activities
(292
)
(524
)
(3.3
)
Cash flows provided by financing
activities
-
Proceeds from short-term loans
1,000
1,300
8.3
Repayments of short-term loans
(1,000
)
(1,300
)
(8.3
)
Proceeds from loans from related party
-
8,522
54.2
Repayments of loans from related party
-
(6,081
)
(38.6
)
Repayment of lease obligations
(182
)
(290
)
(1.8
)
Proceeds received from non-redemption
agreement
-
202
1.3
Proceeds from reverse recapitalization,
net of non-redemption and share forward agreement
-
205
1.3
Net cash flows (used in) provided by
financing activities
(182
)
2,558
16.3
Effect of exchange rate changes on
cash
-
(54
)
(0.3
)
Net increase in cash and cash
equivalents
1,169
1,836
11.7
Cash and cash equivalents at the beginning
of period
7,697
10,837
68.9
Cash and cash equivalents at the end of
period
¥
8,866
¥
12,673
$
80.5
RECONCILIATION OF
EBITDA
Japanese Yen
United States Dollar*
For the three months
ended
For the three months
ended
2025 2Q
2025 3Q
2025 2Q
2025 3Q
Reconciliation of EBITDA:
Net profit (loss) for the year or the
period
¥
15
¥
(15,444
)
$
0.1
$
(98.5
)
Add: Income tax expenses (benefits)
6
536
0.0
3.4
Profit (loss) before income taxes
21
(14,908
)
0.1
(95.0
)
Add: interest expense
3
3
0.0
0.0
Add: Depreciation and amortization
142
149
0.9
1.0
EBITDA
¥
166
¥
(14,756
)
$
1.1
$
(94.1
)
RECONCILIATION OF ADJUSTED
EBITDA
Japanese Yen
United States Dollar*
For the three months
ended
For the three months
ended
2025 2Q
2025 3Q
2025 2Q
2025 3Q
Reconciliation of Adjusted
EBITDA:
Net profit (loss) for the year or the
period
¥
15
¥
(15,444
)
$
0.1
$
(98.1
)
Add: Income tax expenses (benefits)
6
536
0.0
3.4
Profit (loss) before income taxes
21
(14,908
)
0.1
(94.7
)
Add: interest expense
3
3
0.0
0.1
Add: Professional fees in connection with
Reverse recapitalization
84
3,804
0.5
24.2
Add: Listing Expense
-
13,714
-
87.1
Add: Depreciation and amortization
142
149
0.9
0.9
Adjusted EBITDA
¥
250
¥
2,762
$
1.6
$
17.6
(*) Convenience Translation into U.S.
Dollars.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250211023485/en/
Media and Investor Relations: CoincheckIR@icrinc.com
Coincheck Group NV (NASDAQ:CNCK)
과거 데이터 주식 차트
부터 2월(2) 2025 으로 3월(3) 2025
Coincheck Group NV (NASDAQ:CNCK)
과거 데이터 주식 차트
부터 3월(3) 2024 으로 3월(3) 2025
